Social Security – 2016 Trustees Report Released; House Holds Hearing

Last week, the Social Security Board of Trustees released “The 2016 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds.” The 2016 report finds that, in 2015, Social Security took in roughly $23 billion more than it paid out (in total income and interest). Social Security’s reserves were $2.8 trillion at the end of 2015. The Trustees continue to project that Social Security’s combined Trust Funds can pay all scheduled benefits through 2034, at which point the Trust Funds would be able to pay approximately 79 percent of scheduled benefits. The Trustees also find that, due to theBipartisan Budget Act of 2015, the Social Security Disability Insurance (DI) Trust Fund can pay full scheduled benefits through the third quarter of 2023, at which point the DI trust fund will be able to pay about 89 percent of scheduled benefits. This is one year longer than Social Security’s actuaries had projected when the Bipartisan Budget Act was enacted.

The Social Security Subcommittee of the House Committee on Ways and Means, held a hearing on the 2016 Trustees Report. The witness was Stephen C. Goss, Chief Actuary, Social Security Administration. Visit the Committeeweb site to view testimony and archived video.